Northcoast Research Downgrades ScanSource (NASDAQ:SCSC) to Neutral

ScanSource (NASDAQ:SCSC) was downgraded by investment analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a research note issued on Monday, Marketbeat.com reports.

A number of other analysts have also weighed in on SCSC. Weiss Ratings upgraded shares of ScanSource from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of ScanSource from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $43.00.

ScanSource Price Performance

SCSC opened at $53.19 on Monday. The stock has a 50-day moving average price of $52.72 and a 200-day moving average price of $44.18. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20. The firm has a market cap of $1.08 billion, a PE ratio of 16.12, a P/E/G ratio of 0.83 and a beta of 1.28. ScanSource has a 1 year low of $33.76 and a 1 year high of $59.60.

Institutional Investors Weigh In On ScanSource

A number of hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its stake in shares of ScanSource by 333.8% in the 4th quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company’s stock worth $5,978,000 after purchasing an additional 117,762 shares in the last quarter. Renaissance Technologies LLC purchased a new position in ScanSource during the first quarter valued at $766,000. Vanguard Group Inc. grew its holdings in ScanSource by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company’s stock valued at $110,423,000 after purchasing an additional 78,993 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in ScanSource by 65.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 133,593 shares of the industrial products company’s stock valued at $5,222,000 after purchasing an additional 52,763 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in ScanSource in the first quarter worth about $1,851,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.